The co-founders of the crypto analytics firm Glassnode believe that altcoins are about to go on a rally as Bitcoin (BTC) and Ethereum (ETH) soar.
Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, say that the total altcoin market cap is already rising, indicating bullishness for alts.
“How much longer will altcoins trail behind before making their move? The Bitcoin narrative continues to steer the ship, but a closer look reveals the total altcoin market cap playing catch-up. With Ethereum and BTC leading the way, we are potentially on the brink of an altcoin surge.”
The founders also predict increased volatility for Bitcoin’s price but a rally continuation. They say that the crypto king could dip to the $40,000 level while remaining in an overall uptrend.
“BTC’s bullish momentum: navigating the uncharted journey to $46,000.
Despite the four-hour timeframe indicating BTC is overbought BTC’s upward trend may persist, intensifying investor FOMO (fear of missing out) across the board.
Technically, BTC navigates uncharted territory towards $46,000. Expect volatile moves between $40,000-$46,000. The 20-day EMA (exponential moving average) provides a safety net for potential pullbacks, making shorting risky. Current patterns hint at a climb towards $45,000.
Conclusion: stay alert, but optimistic. Yet the BTC’s momentum suggests more upside.”
Bitcoin is trading for $43,424 at time of writing, down slightly in the last 24 hours.
The two also use the Elliott Wave theory to suggest that the total market cap for cryptocurrencies could soar to an all-time high (ATH) of $4.4 trillion during the current bull cycle, surpassing the previous ATH of about $3 trillion.
The Elliott Wave theory attempts to forecast price movements based on crowd psychology which tends to manifest in waves. Traditionally, the Elliott Wave theory suggests that price impulses happen in five waves after three-wave “ABC” corrections.
“Third time a charm? When crypto starts its move, it goes vertical by the end of the move! The journey has just begun. And RSI (relative strength index) is in the ‘extremely bullish’ zone. Are you strapped up for this move? Extreme euphoria may likely be seen by the end of the rally.”
At time of writing, the total crypto market cap stands at $1.69 trillion.
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